Editor’s Note: Money expert Dave Ramsey is CEO of Ramsey Solutions. He is the author of seven bestselling books, including “The Total Money Makeover”. His radio show “The Dave Ramsey Show” is listened to by more than 16 million listeners every week on 600 radio stations and multiple digital platforms. Each week, he answers a question about personal finance in his column “Dave Says”.
I find it hard to save money. Do you have any practical tips for saving when you have an average income?
One thing I’ve learned over the years is that people don’t start saving money until they learn healthy financial habits – like living on a written monthly budget – and let their future needs become. more important than their current wishes.
What I’m saying here is that this will only happen when you make backup a priority.
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Everything doesn’t have to magically line up before you start saving, and there are plenty of simple and convenient ways to save money and breathe some extra air into your finances.
The most important thing is to say goodbye to debt. Monthly payments are the biggest drain I can think of when it comes to saving money because debt robs you of your income.
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Most people are shocked when they realize how much they actually spend on groceries. It’s easy to wander the aisles grabbing things on impulse, but it all adds up. Save money on groceries by planning your meals each week.
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Here are some other great ideas:
- Buy generics. One of the easiest ways to save money is to donate to famous brands.
- Avoid coffee and make coffee at home.
- Eat lunch at work and have breakfast and dinner at home.
- Check your insurance rates. You owe it to yourself to have your agent check things out for you and see what savings they can save.
- When purchasing, pay cash and inquire about discounts. You never know before asking, and you should always ask.
- Declutter your home, garage, basement or attic. Get rid of the things you don’t need and are willing to give up for your financial future.
- Lower your cell phone bill by getting rid of extras like expensive data plans, phone insurance, and unnecessary warranties. Don’t be afraid to haggle with your supplier or switch to another business.
- If your goal is to save money, a vacation is about the worst thing you can do. Having fun close to home will save hundreds if not thousands of dollars.
When it comes to saving, Nikki, how carefully and intentionally you spend may be more important than what you earn!
Dave Ramsey is a seven-time No. 1 nationally, bestselling author, personal finance expert and host of The Dave Ramsey Show, heard by over 16 million listeners every week. Since 1992, Dave has been helping people take back control of their money, build wealth and improve their lives. He is also CEO of Ramsey Solutions.
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